TB MC Qu. 10-74 (Algo) A company purchased a 3-acre tract... A company purchased a 3-acre tract of land for a building site for $490,000. The company demolished the old building at a cost of $26,000, but was able to sell scrap from the building for $2,900. The cost of title transfer was $1,600 and attorney fees for reviewing the contract was $780. Property taxes paid were $10,000, of which $950 covered the period after the purchase date The capitalized cost of the land is: Multiple Choice $391030 $526,030 $524,530 O $526,280